ROFR Thread Oct to Dec 2018 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Noodlez]

Hi ScubaCat. Can you show me what I’m missing? Sorry, but I’m new to this! What I’ve read above is that you must inform Disney no less than 30 days before the sale date, and they have until that date to make a decision.
This implies to me that if you wish to give DVC 40, 50, 60 days etc then you may, but as long as you give them a minimum of 30 days then that is how long they have.

In fact, the above quote clearly states that if you have given at least 30 days prior to the proposed closing date, and they have not notified of their election to ROFR, then the third party may close!

Jetsdad has just quoted the clause that everyone else has referred to! If you give them a minimum of 30 days before your desired closing date, they must make a decision in this time or the contract is yours.

Do you have anything to the contrary of this?

 

[JETSDAD]

Hi ScubaCat. Can you show me what I’m missing? Sorry, but I’m new to this! What I’ve read above is that you must inform Disney no less than 30 days before the sale date, and they have until that date to make a decision.
This implies to me that if you wish to give DVC 40, 50, 60 days etc then you may, but as long as you give them a minimum of 30 days then that is how long they have.

In fact, the above quote clearly states that if you have given at least 30 days prior to the proposed closing date, and they have not notified of their election to ROFR, then the third party may close!

Jetsdad has just quoted the clause that everyone else has referred to! If you give them a minimum of 30 days before your desired closing date, they must make a decision in this time or the contract is yours.

Do you have anything to the contrary of this?

That's not what it says. It states that you have to give no less than 30 days and that if the closing date comes after 30 days and DVD has not exercised their right to ROFR then closing can happen. It states that they have until closing date to exercise that right which may be longer than 30 days.

 

[Noodlez]

By the way, jetsdad, do you have the link to that page/document? Thanks! Just trying to make sure I have all the info. If it’s sonething that’s only sent if you’re already an owner and understand that you can’t provide this!

 

[JETSDAD]

It's in the Declaration of Condominium for each of the resorts.

 

[hlhlaw07]

Hi ScubaCat. Can you show me what I’m missing? Sorry, but I’m new to this! What I’ve read above is that you must inform Disney no less than 30 days before the sale date, and they have until that date to make a decision.
This implies to me that if you wish to give DVC 40, 50, 60 days etc then you may, but as long as you give them a minimum of 30 days then that is how long they have.

In fact, the above quote clearly states that if you have given at least 30 days prior to the proposed closing date, and they have not notified of their election to ROFR, then the third party may close!

Jetsdad has just quoted the clause that everyone else has referred to! If you give them a minimum of 30 days before your desired closing date, they must make a decision in this time or the contract is yours.

Do you have anything to the contrary of this?

Jetsdad is correct and quoted you the exact language that proves he is correct. You are misinterpreting the language, just like the majority of others who refer to Disney as having 30 days.

Disney must decide in 30 days, but only if you only give them 30 days. 30 days is bare minimum you have to give them. Meaning you can’t send them a contract with a closing date 7 days out. Closing has to be at least 30 days out. Most brokers put at least 60 days in the contract between execution and closing. So, while Disney usually makes a decision in under 30 days, they really have as much time as the contract gives them based on the closing date.

 

[JohnGypsy]

I’m definitely no expert on this, but every single thing I’ve read states that Disney has up to 30 days. I could link to many threads on this and other forums, as well as on the pages for the sellers. If I’ve misunderstood this could you post a link or something where I could read about this? What is the maximum then? I guess it can’t be indefinite or they’d just hold every contract for a year until it was worth more.

The Master Declaration for DVC states the following:

PURCHASER must notify DVD in writing no less than thirty (30) days in advance of the proposed closing date of PURCHASER's intent to sell and must include a copy of the proposed transaction reduced to writing in all respects. Upon receipt of such written notice, DVD shall determine prior (PRIOR) to the proposed closing date wheter it wishes to exercise it right of first refusal. if DVD elects to exercise its right of first refusal, DVD shall notify PURCHASER in writing of such election, and the purchase by DVD shall be closed on or before the proposed closing date. If DVD fails to notify PURCHASER of its election to exercise its right of first refusal prior to the proposed closing date, PURCHASER may proceeed to close the transaction with the third party upon the original terms and conditions offered by or to the third party.​

Basically, they have UNTIL CLOSING to exercise their ROFR. The "30 days" myth comes from the fact that they require AT LEAST 30 days advance notice of the closing date. But they certainly do not HAVE to do it within that time frame. Disney's clause basically says that they could do it just before closing (provided that they had enough time to close "on or before the proposed closing date").

EDIT: Sorry, I just realized that someone else already answered this. I'm new to this forum and somehow missed that there was another page of replies before I replied! Sorry for re-stating the same thing.

 

[p&mg]

closed today 11/21/18 that was really fast 33 days after sending in our offer

 

[WebmasterDoc]

FYI - a number of posts have recently been removed which detracted from the purpose of this thread. Some posts violated the DIS guidelines (and had to be removed) and others simply quoted the offending posts and also had to be removed.

While potential DVC resale purchasers are always looking for great options to buy there are some who seem to have a different agenda to promote.

Thanks for your participation in DVC ROFR options!

 

[Papalaxpunk]

Papalaxpunk---$131-$29559-210-BLT-Jun-0/17, 0/18, 210/19, 210/20- sent 10/25, passed 11/16

Very excited our first contract passed ROFR. So excited to be members soon! Thanks much to everyone for the great info shared in this Forum!

 

[Wakey]

They only have 30 days if the closing company do their job properly and set the closing date 30 days hence. So if they get longer than 30 days it’s becase they were given in excess of 30 days by the closing company and the closing company didn’t move to close exactly 30 days after.
There is also no need to wait for a waiver of ROFR either. If the closing co did their job properly and gave 30 days they can close on the 30 if they haven’t heard back.

 

[JohnGypsy]

They only have 30 days if the closing company do their job properly and set the closing date 30 days hence. So if they get longer than 30 days it’s becase they were given in excess of 30 days by the closing company and the closing company didn’t move to close exactly 30 days after.
There is also no need to wait for a waiver of ROFR either. If the closing co did their job properly and gave 30 days they can close on the 30 if they haven’t heard back.

This sounds good in theory -- and I actually asked my broker exactly about that. I asked them why they didn't set the closing at, say, 40 days from signing so that Disney couldn't stretch it out so long -- because I was thinking the same thing you were.

They explained that once they get the ROFR waiver from Disney, the closing company then has to send a request to Disney for the seller's ownership information so that the final closing documents can be prepared and sent to both parties. They said that Disney sometimes takes up to 3 weeks to respond to that request. They said that is why they set the date 60 days from signing -- to give time for Disney to waive ROFR plus have another 3-4 weeks for them to respond to the seller's ownership information request so that the closing documents can be prepared.

They basically told me my "Why not just set it at 40 days?" suggestion was simply not an option. (Whether or not that is true is open to discussion, I guess. I'm just passing along what my broker told me when I asked them exactly what you were referring to: setting the deadline to something much shorter that is more than 30 days, but much less than 60.)

(Note that I say this as a guy that is currently at 36 days from submission to Disney with no response on ROFR yet... So, I'm REALLY interested in better ways to do this. )

 

[trilliank]

Trilliank---$130-$20272-150-BLT-Feb-0/17, 5/18, 150/19, 150/20- sent 11/20

 

[Noodlez]

This sounds good in theory -- and I actually asked my broker exactly about that. I asked them why they didn't set the closing at, say, 40 days from signing so that Disney couldn't stretch it out so long -- because I was thinking the same thing you were.

Thank you so much JohnGypsy. That's kind of what I was trying to ask but I obviously phrased it really badly! I'm glad you've cleared this up. This is my first attempt to buy and it's been then longest '30 days' ever (it hasn't even been 3 weeks yet!)

 

[Wakey]

This sounds good in theory -- and I actually asked my broker exactly about that. I asked them why they didn't set the closing at, say, 40 days from signing so that Disney couldn't stretch it out so long -- because I was thinking the same thing you were.

They explained that once they get the ROFR waiver from Disney, the closing company then has to send a request to Disney for the seller's ownership information so that the final closing documents can be prepared and sent to both parties. They said that Disney sometimes takes up to 3 weeks to respond to that request. They said that is why they set the date 60 days from signing -- to give time for Disney to waive ROFR plus have another 3-4 weeks for them to respond to the seller's ownership information request so that the closing documents can be prepared.

They basically told me my "Why not just set it at 40 days?" suggestion was simply not an option. (Whether or not that is true is open to discussion, I guess. I'm just passing along what my broker told me when I asked them exactly what you were referring to: setting the deadline to something much shorter that is more than 30 days, but much less than 60.)

(Note that I say this as a guy that is currently at 36 days from submission to Disney with no response on ROFR yet... So, I'm REALLY interested in better ways to do this. )

Interesting, so what you are saying is that by the Estoppel process, Disney can effectively stretch out the ROFR to the end of that process, because closing cannot take place until then..... interesting, and taking advantage of the system by Disney if correct. Why does it take so long for Disney to do the estoppel, it’s wrong they can stretch it out and thus increase ROFR time. I’d say if the broker says close on 30 days they should either let the broker know it’s taken, or supply the estoppel in that period. Thanks for the info.

 

[pangyal]

Updated!

Just realized I am at day 29 for mine. I think the broker probably just forgot to notify us either way, though, due to the holiday this week.

 

[ScubaCat]

Interesting, so what you are saying is that by the Estoppel process, Disney can effectively stretch out the ROFR to the end of that process, because closing cannot take place until then..... interesting, and taking advantage of the system by Disney if correct. Why does it take so long for Disney to do the estoppel, it’s wrong they can stretch it out and thus increase ROFR time. I’d say if the broker says close on 30 days they should either let the broker know it’s taken, or supply the estoppel in that period. Thanks for the info.

Fair points, but it is what it is. Their priority is selling direct. Resale is just a necessary evil.

For me, I saved around $50K in total buying resale. Since my name doesn't rhyme with Zeff Tezos or Dill Kates, it takes me longer than 60 days to earn that much. Thus, to me it was well worth a couple of months wait for decades of vacations at a significant savings.

 

[hlhlaw07]

Interesting, so what you are saying is that by the Estoppel process, Disney can effectively stretch out the ROFR to the end of that process, because closing cannot take place until then..... interesting, and taking advantage of the system by Disney if correct. Why does it take so long for Disney to do the estoppel, it’s wrong they can stretch it out and thus increase ROFR time. I’d say if the broker says close on 30 days they should either let the broker know it’s taken, or supply the estoppel in that period. Thanks for the info.

I actually think the brokers and closing companies use that as an excuse to build theirselves extra time in the closing process and blame it on Disney. There are too many accounts of closing documents coming immediately after waiver of ROFR, and I’ve also noticed a pattern on the closing time thread that those who close with the smaller title companies close way more expeditiously than those at the bigger names. Which leads me to believe that the bigger ones have larger stacks to work through and are blaming Disney for the delay.

 

[Gryhndmom]

Papalaxpunk---$131-$29559-210-BLT-Jun-0/17, 0/18, 210/19, 210/20- sent 10/25, passed 11/16

Very excited our first contract passed ROFR. So excited to be members soon! Thanks much to everyone for the great info shared in this Forum!

Congrats! You will love BLT!

Trilliank---$130-$20272-150-BLT-Feb-0/17, 5/18, 150/19, 150/20- sent 11/20

Best of luck !

 

[thepak92]

Mainstreetdreams---$104-$28870-270-AKV-Jun-0/17, 19/18, 270/19, 270/20- sent 10/19, passed 11/19
I'm so excited! This is my first contract.

Yay..... congrats, I am also waiting on AKV....hopefully pixie dust will fall my way as well...

 

[thepak92]

Good Morning - in the first page of this thread - I have one listed in the waiting column Thepak92---$110-$17600-160-AKV-Jun- 320/18, 160/19, 160/20- sent 11/9, please note that this one was cancelled. I do have a new one that was sent on 11/19. Thanks, just trying to help out......